More than a dozen countries worldwide have decided to restrict or completely prohibit transactions in US dollars as a protest against its hegemony in the commercial sector.

The US currency faces various initiatives, such as the BRICS group, to achieve the dedollarization of global transactions. In this regard, countries such as Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan, and Ukraine, as well as China, Iran, North Korea, and Cuba, have taken restrictive measures against the dollar.

The reasons these governments cite for moving away from the dollar include adopting local currencies in trade transactions, which strengthens their own currencies, as well as reducing exposure to international sanctions.

It is clear that nations that have limited or prohibited the use of the US dollar seek to free themselves from dependence on its use in trade, in addition to promoting the diversification of reserves into other assets, such as gold.

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The BRICS group recently launched UNIT, a payment unit backed by gold and a basket of member countries’ currencies. This is a further step towards ending the hegemony of the US dollar in the global financial system.

The group stated that UNIT is “a mixed-backed exchange unit, 40 % gold and 60 % a basket of member countries’ currencies.”

The new scheme will pave the way for more than 30 countries to trade commodities such as precious metals, energy, and raw materials without going through traditional platforms and settlement mechanisms dominated by the West.

UNIT offers a more secure and resilient alternative to US sanctions.

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The BRICS countries made public their rejection of US tariff policies during their recent virtual summit.

The meeting was convened by Brazilian President Luiz Inácio Lula da Silva and was held via videoconference by the group of emerging economies.

The event “served to address the risks associated with the intensification of unilateral measures,” according to a statement from the Brazilian presidency.

Chinese President Xi Jinping “made a strong call to resist protectionism,” emphasizing the bloc’s position against the United States. The president stated: “We must defend the multilateral trading system, with the World Trade Organization at its core, and resist any form of protectionism.”

Lula da Silva, for his part, emphasized that the BRICS countries “are victims of unjustified and illegal trade practices,” arguing that this is a form of “tariff blackmail” that is becoming normalized “as an instrument for conquering markets and interfering in internal affairs.”

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Brazil and China signed an agreement for the joint development of the CBERS-5 geostationary satellite, as part of the China-Brazil Earth Resources Satellite (CBERS) program.

The signing of this agreement was announced last week, when Brazilian President Luiz Inácio Lula da Silva met with Chinese Premier Li Qiang in Rio de Janeiro on the sidelines of the BRICS Summit.

“CBERS-5 will be a meteorological and environmental satellite positioned over Brazilian territory. The new equipment represents an advance compared to previous models, which operated in low orbit with a focus on Earth observation,” the official statement states.

With this satellite, Brazil is expected to achieve improved climate and environmental monitoring, “with direct impacts on strategic sectors such as energy generation, agriculture, urbanization, and natural disaster response. The project also seeks to fill gaps in environmental data collection.”

For its part, China will have access to data from the Western Hemisphere, strengthening its climate modeling capabilities.

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The Russian Federation and the Bolivarian Republic signed an agreement on strategic partnership and cooperation. In the document, published on the Kremlin website, Russia supports Venezuela in its intention to join the BRICS.

“Russia positively assesses the intention of the Bolivarian Republic of Venezuela to join as a full member and closely cooperate in the BRICS association,” the document stated.

Referring to the joint work between both nations to create a financial alternative that allows for trade without the dollar, Venezuelan Foreign Minister Yván Gil stated: “Venezuela, within the BRICS framework, is aligned with the creation of systems that do not use the dollar as a negotiating currency, driven by the United States government’s abuse of its dominant position in global trade with the dollar to implement sanctions. We, who have been victims of sanctions, and Russia, which has been a victim of sanctions, are very clear that a solution to sanctions is the creation of an alternative system, and both countries are working on that.”

According to the diplomat, the arrival of a new financial architecture for trade is imminent. He believes that “trading without the dollar is already a palpable reality; it is very close to being definitively realized, and both presidents addressed this issue.”

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The Venezuelan government indicated that it will seek to market its fishery and agricultural products in the BRICS market to address US tariffs.

Venezuelan Trade Minister Coromoto Godoy indicated that government representatives have already begun meetings, through representatives from the Ministries of Trade, Fisheries and Aquaculture, and the Export Promotion Agency, to establish export strategies for marine products.

For his part, the Vice Minister of International Trade Policy, Johann Álvarez, stated that they are working on “reviewing agreements with countries that make up the BRICS bloc and allied nations” to strengthen their economic relations with Venezuela.

Godoy added that in addition to the BRICS market, they also have the list of ALBA countries as potential markets.

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The BRICS group, through the Ministry of Foreign Affairs of Brazil, announced its new members, which are: Cuba, Bolivia, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda and Uzbekistan.

With the announcement made this Saturday, January 18, new alliances are established that fulfill the category of partner country, created at the XVI BRICS Summit, in Kazan, Russia, in October 2024.

“The new members have a lower position than the permanent members, but they have the possibility of participating in summits and thematic meetings.”

It is important to note that negotiations to accept new members began in 2023 by the group originally made up of Brazil, Russia, India, South Africa and China.

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Cuba officially requested its incorporation into the BRICS as a partner country. This was announced on Tuesday, October 8, by the Director General of Bilateral Affairs of the Ministry of Foreign Affairs of Cuba, Carlos Miguel Pereira.

Through a publication on the social network X, the official detailed that said request was made through a letter sent to Vladimir Putin, president of Russia, the country that currently holds the presidency of the group this year.

Although Cuba is not yet a member of the BRICS, officials of the country “have already participated in several meetings” of the group, “such as the intervention of Foreign Minister Bruno Rodríguez at the ministerial meeting in June.”

This group, originally made up of Russia, Brazil, India, China and South Africa, was expanded this year by accepting the membership of Egypt, Iran, Saudi Arabia, the United Arab Emirates and Ethiopia.

Putin has stated that “the enlargement demonstrates the growing authority of the bloc, as well as its key role in international affairs. In addition, the president stated in September that currently 34 countries have expressed their desire to join the BRICS in one form or another.”

The current members are awaiting the next summit, which will be held in the city of Kazan on the 22nd and 24th of this month.

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Recent data from the local Ministry of Finance highlights Algeria’s accession to the New Development Bank (NBD) of the BRICS, an entity that seeks to distribute resources to finance plans in emerging markets and developing countries.

Algeria is now part of the entity that unites the “group of large emerging countries, including China and Brazil.”

According to the NDB Board of Governors, chaired by Dilma Rousseff, Algeria’s accession was tested during its ninth annual meeting in Cape Town, South Africa.

With its accession to “this important development institution, the financial branch of the BRICS group, Algeria takes an important step in its integration process into the global financial system,” according to the Algerian ministry.

By joining this group, it is expected that the country, Africa’s leading exporter of natural gas, will benefit from new perspectives for “its economic development in the medium and long term.”

It is important to note that the BRICS group had already accepted Bangladesh, the United Arab Emirates, Egypt and Uruguay as new members. Algeria had asked to join, but in 2023 was rejected. Later, Egypt, Ethiopia, Saudi Arabia, Iran and the United Arab Emirates were admitted, as well as Argentina, although the South American nation withdrew with the arrival of Javier Milei to the presidency.

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The BRICS+ bloc was invited to the presidential electoral process in Venezuela on July 28, through a proposal to Russia by the Vice Minister for Latin America, Rander Peña.

During the Central Plenary of the International Forum of Political Parties of the BRICS+ Countries, held in Vladivostok, Russia, the Venezuelan official made the invitation to the July 28 elections. Peña expressed: “We propose to the presidency of the BRICS+ countries (Russia) that they can accompany the elections on July 28, extending to all the political parties that make up the bloc.”

During the forum, he emphasized the group’s trust in the Venezuelan people, “just as it is recognizing the policies of President Nicolás Maduro.”

He highlighted the South American country’s interest in being part of the BRICS+, a bloc that plays a crucial role on the global stage, particularly in the process of de-dollarization of economies.

Les comparto fragmento de mi intevención durante la Plenaria Central del Foro Internacional de Partidos Políticos de los Países BRICS+ en Vladivostok, Rusia, en la que hemos traido el mensaje comprometido del Pdte. @NicolasMaduro. ¡La verdad de Venezuela prevalecerá siempre! pic.twitter.com/rJvLGP5KdG

— Rander Peña Ramírez (@RanderPena) June 18, 2024

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